I'm going to Double Post this in an effort to get the information to Calif Banker as this has a dramatic effect on loans to service members in that state.
On September 22, Governor Arnold Schwarzenegger signed legislation to further protect California 's military and their families from the potential financial hardships they face during times of conflict. Among the legislation he signed were two bills of particular interest to financial institutions that defer some debt repayments and interest for military reservists and National Guard members who are serving in Iraq and Afghanistan or who were killed while on active duty:
SB 513 (Soto) - This bill defers principal and interest for six months without penalty on the financial obligations of a member of the California National Guard after the death of the member, to the extent permitted by the laws of the United States and the Constitution of California, as specified.
AB 306 (Baca) - This bill would authorize members of the United States Military Reserve and National Guard, as defined, who are called to active duty as a result of the Iraq or Afghanistan conflicts, to defer payments on specified obligations for the period of active duty, plus 60 calendar days, or 180 days, whichever is the lesser.
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